New research shows how credit unions can better support the sandwich generation
According to Pew Research Center, nearly half of U.S. adults aged 40–59 years have a parent aged 65 years or older and support either a younger child or a grown one. Squeezed from above and below, these Boomers and Gen X Americans are known as the sandwich generation.
To explore this further, we commissioned a new study via the Filene Research Institute that published this week. It’s called “Relieve the Squeeze: The Sandwich Generation.” Results suggest this generation may be at its financial tipping point. Here’s why:
- More than 70 percent of respondents said money was tight while only 28 percent reported they were living comfortably.
- The majority of respondents were either just meeting their basic needs or meeting them with just a bit leftover, while 8 percent said they couldn’t even fully cover basic expenses.
- Half of respondents said providing financial assistance to their parents and grown children made it difficult to pay their own household expenses.